At Baptist Health Federal Credit Union, your financial well-being is our top priority. We are committed to providing you with not only the best financial products and services but also the security you deserve. One of the most important ways we ensure your peace of mind is through the protection of your deposits by the National Credit Union Administration (NCUA).
What is the NCUA?
The National Credit Union Administration (NCUA) is a federal agency that oversees credit unions and provides deposit insurance to ensure the safety and soundness of member deposits. Similar to the FDIC for banks, the NCUA ensures that your money is protected in the unlikely event that a credit union faces financial difficulties.
At Baptist Health Federal Credit Union, we are proud to be backed by the NCUA, which means your savings are fully insured up to $250,000 per depositor. This coverage applies to all eligible deposit accounts, including savings accounts, checking accounts, and certificates of deposit (CDs).
How Does NCUA Insurance Work?
If you are a member of Baptist Health Federal Credit Union, you can rest easy knowing that your deposits are insured by the NCUA, up to the $250,000 limit. Here’s what that means for you:
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Coverage Per Member, Per Credit Union: Each depositor is insured up to $250,000 for each account type. So, if you have both a savings account and a checking account, your deposits are separately insured up to $250,000 in each account.
- No Additional Cost to You: NCUA insurance is automatically provided to all members at no additional cost. There’s no need for you to purchase separate insurance—it’s built into the membership benefits you receive just by being part of Baptist Health Federal Credit Union.
What Types of Accounts Are Covered?
NCUA insurance covers most of the accounts you hold at Baptist Health Federal Credit Union. Some of the most common accounts covered include:
- Savings Accounts
- Checking Accounts
- Money Market Accounts
- Certificates of Deposit (CDs)
- IRA Accounts
It’s important to note that NCUA insurance only applies to deposits. Other financial products, such as investments or insurance policies, may not be covered. For example, mutual funds or life insurance products aren’t insured by the NCUA, but your cash deposits are fully protected.
Why Is This Important?
Having your accounts insured by the NCUA provides you with an added layer of security. In the rare event that a credit union encounters financial trouble, the NCUA guarantees that you’ll be able to recover your deposits—up to $250,000. This is especially reassuring because it helps you feel confident that your hard-earned money is safe, no matter what happens.
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How Can You Learn More?
At Baptist Health Federal Credit Union, we believe that financial literacy is key to making the best decisions for your financial future. If you have any questions about NCUA insurance or want more information about how your accounts are protected, we are here to help. Our friendly staff can walk you through the details, so you can feel confident knowing your deposits are safe.
For more information on the NCUA and deposit insurance, visit the NCUA website, or ask one of our team members during your next visit or call.
Conclusion
Baptist Health Federal Credit Union is committed to ensuring that your financial security is top priority. By being insured by the NCUA, we offer you the protection of up to $250,000 on your deposits. Whether you’re saving for the future, managing your day-to-day finances, or planning for retirement, you can trust that your money is safeguarded with us. We’re proud to provide our members with not just great service but also the peace of mind they deserve.
Stay confident in your financial future with Baptist Health Federal Credit Union—where your security is our priority.